Attached files
| file | filename |
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| EX-99.2 - PRESS RELEASE - Millennium Investment & Acquisition Co Inc. | smcg_ex992.htm |
| EX-99.1 - FINANCIAL STATEMENTS - Millennium Investment & Acquisition Co Inc. | smcg_ex991.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 17, 2015
Millennium Investment & Acquisition Co. Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
811-22156
(Commission File Number)
20-4531310
(IRS Employer Identification No.)
301 Winding Road
Old Bethpage, NY 11804
(Address of principal executive offices and Zip Code)
Registrant’s telephone number, including area code: (212) 750-0371
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02 Results of Operations and Financial Condition.
Millennium Investment & Acquisition Company Inc. (the “Registrant”) today announced that on February 12, 2015 it received the unaudited condensed consolidated financial statements of its sole, principal investment, SMC Global Securities Limited (“SMC Global”), an Indian company, as of and for the quarter ended December 31, 2014 (the “Financial Statements”). A copy of the Financial Statements as received by the Registrant is attached hereto as Exhibit 99.1.
The Financial Statements are not the financial statements of the Registrant. The Registrant’s principal asset is its ownership of an equity interest in SMC Global.
Item 8.01 Other Events.
Based on the Financial Statements, as of today, February 17, 2015, MIAC has updated its valuation of its position in SMC Global to $8,568,568, as reviewed and approved by MIAC’s board of directors. The valuation and methodology used by MIAC is provided in the following table:
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Valuation Based on Multiple of Net Income
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TTM Net Income
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6,919,000 | |||
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Valuation Multiple
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11 | |||
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SMC Global Valuation
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76,109,000 | |||
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MIAC Ownership
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13 | % | ||
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Liquidity Discount
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15 | % | ||
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Value of MIAC Position
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8,410,045 | |||
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Valuation Based on Multiple of Revenue
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TTM Revenue
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69,989,000 | |||
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Revenue Valuation Multiple
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1.61 | |||
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SMC Global Valuation
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112,682,290 | |||
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MIAC Ownership
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13 | % | ||
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Liquidity Discount
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15 | % | ||
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Value of MIAC Position
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12,451,393 |
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Valuation Based on Book Value
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Assets
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157,610,000 | |||
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Liabilities
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74,328,000 | |||
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Book Value
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83,282,000 | |||
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Book Value Valuation Multiple
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1.00 | |||
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SMC Global Valuation
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83,282,000 | |||
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MIAC Ownership
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13 | % | ||
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Liquidity Discount
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15 | % | ||
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Value of MIAC Position
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9,202,661 |
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Weighting of Valuation
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Valuation Based on Multiple of Net Income
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80 | % | ||
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Valuation Based on Multiple of Revenue
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0 | % | ||
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Valuation Based on Book Value
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20 | % | ||
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Valuation
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8,568,568 |
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Change in Valuation from 12/31/14
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Valuation at 12/31/14
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7,616,080 | |||
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Increase in Value of SMC
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952,488 | |||
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Per MIAC Share
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0.12 |
In addition, today, February 17, 2015, the Registrant issued a press release announcing the receipt of the Financial Statements and its updated valuation of its position in SMC Global. A copy of the press release is attached hereto as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Unaudited Condensed Consolidated Financial Statements of SMC Global Securities Limited as of and for the quarter ended December 31, 2014 | |
| 99.2 | Press release dated February 17, 2015 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Millennium Investment & Acquisition Company, Inc.
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Date: February 17, 2015
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By:
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/s/ David H. Lesser
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David H. Lesser
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Chairman, CEO, Secretary & Treasurer
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